Technology Revolutions and the Gestation of New Technologies
1992 (English)Report (Other academic)
We formalize an explanation for technology revolutions and growth cycles in a model where consumers and firms benefit from periodic changes in technology which result in the development and marketing of new generations of products. We develop a general equilibrium dynamic differentiated products model in order to explain technological progress via cyclical changes in investment, output, and interest rates as well as the introduction of new products. We characterize the equilibrium and analyze the effetcs of changing the rate of technology growth, resource endowment, and R&D and production costs on the duration of generations of products and the frequency of technology revolutions, and hence the growth cycles.
Place, publisher, year, edition, pages
Stockholm: IIES , 1992. , 27 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 530
technology revolutions, gestation of new technologies
IdentifiersURN: urn:nbn:se:su:diva-41848OAI: oai:DiVA.org:su-41848DiVA: diva2:337965
Published in connection with a visit at the IIES.2010-08-102010-08-102010-08-10